Within the mortgage industry, online technology assisting in the homeloan origination process is becoming the popular approach to the task. For those who do, Mortgage Marvel is considered to be the better choice than other competitors in the field. Based out of Mequon, Wisconsin, Mortgage Marvel, is a mortgage-shopping site known for connecting consumers directly to the same mortgage rates information employed by lenders to conduct their business. Customers to the website have ranked Mortgage Marvel "better" or "superior" to other similar services in the market place.
About the Study
Mortgage Marvel conducted a customer satisfaction survey, which ranked exclusive technological features to the portal as well as asking for direct comparisons to competitors including LendingTree, BankRate and Zillow. Of respondents, 53 percent of them acknowledged that Mortgage Marvel's rate comparison device, providing information from multiple local lenders using zip codes, is the best feature of the site.
Additionally, survey results have shown that 81 percent of all users ranked Mortgage Marvel as "better" or "superior" to the competition. A whopping 92 percent of survey participants said that they would recommend the powerful tool to their friends. The survey was delivered to 563 Mortgage Marvel customers and the results were tabulated on the responses of the 106 completed surveys.
That positioning in the market place can be attributed to the powerful MortgageBot technology that does the mortgage research dirty work. MortgageBot technology has been used for over 10 years by industry insiders and since that time more than 900 national lenders have relied on the accuracy of the portal to deliver up-to-date rate information they need to conduct their jobs. Mortgage Marvel is the direct-to-consumer service branch powered by MortgageBot LLC.
Popularity of Online Mortgage Searches
New statistics released by LendingTree.com have shown that 21 percent of mortgage seekers use the web in regards to home loan shopping and that activity represents a significant uptick recorded by the industry several years ago. According to Rick Allen, the director of strategic initiatives at Mortgagebot the numbers are even higher as “Currently more than 70 percent of borrowers start their mortgage shopping on the Internet" (HousingWire.com).
Industry insiders believe that the research strategy is going to increase over time as tech-savvy Gen Y consumers come of age and migrate from renting to buying. The biggest demographic influencing the advancement is being attributed to the 80 million individuals who comprise Generation Y. Not only are the consumers who were born in the late 70s to early 2000 cited with fueling a technological boom throughout the industry, but the market share is also credited with shaping the future of the housing market. Gen Y is cutting the American Dream of homeownership down to size and looking for more manageable spaces to live in. When it comes time to purchase those smaller homes, odds are that they will go online to conduct their mortgage searches.
Advantages of Mortgage Marvel
As more consumers figure out the benefits of online mortgage shopping, Mortgage Marvel's ease of use is expected to fuel expansion of the trend. Some of the features that has helped Mortgage Marvel earn the status as the better mortgage rate finder include:
- Complete Anonymity: Mortgage seekers only need to enter a zip code to find the best rates available in their location. This process not only protects one's identity, but also ensures that the search will not trigger off unwanted salivation.
- Rate Comparison Table: The rate information is generated in an easy to comprehend table featuring side-by-side comparisons including details such as complete term length, loan varietal mortgage rates and points.
- No Broker Required: Consumers concerned about the hidden agendas of a mortgage can directly connect to the source used by professional lenders. Ultimately, this removes the middleman and any risks associated with that relationship.
- Find Local Banks: Many consumers are burnt out on the practices implemented by big name banks. Mortgage Marvel will introduce mortgage seekers to a full array of lender options.
- Fast: Mortgage seekers can do their research at any time of day or night and cut down the time associated with waiting for approval. After completing an online application, individuals will get notice of their approval status (with complete disclosures) in about 20 minutes.
